1. Home
  2. Infrastructure Urban
  3. ECONOMY & POLICY
  4. State Street leases Brookfield office tower in Mumbai for GCC setup
State Street leases Brookfield office tower in Mumbai for GCC setup
ECONOMY & POLICY

State Street leases Brookfield office tower in Mumbai for GCC setup

27 Nov 2024 2 Min Read CW Team
Global financial services and investment management firm State Street Corporation has leased an entire commercial office tower near Mumbai’s Bandra-Kurla Complex (BKC) from Brookfield Properties for a long-term tenure of around 10 years, according to sources familiar with the matter.

The company will pay a total rental of over Rs 3.50 billion for the office space, which spans approximately 250,000 sq ft, over the course of the lease.

State Street, based in Boston, has taken the lease for the ground-plus-six-storey tower, part of the 10-acre Equinox Business Park complex, to establish its global capability centre (GCC) to serve clients worldwide.

The lease agreement includes a lock-in period of 36 months and a provision to increase rentals by 4.5 per cent every 12 months, the sources revealed.

This move by the NYSE-listed company aligns with the increasing trend of global corporations setting up GCCs in India, taking advantage of the country’s cost benefits, skilled workforce, and digital infrastructure.

India has become a preferred destination for GCCs across various sectors, especially for financial and tech firms, due to its strong talent pool and favourable business environment.

State Street’s decision highlights the growing strategic importance of India in supporting global operations. This also signals the rising prominence of BKC as a key business hub for international corporations seeking a presence in India.

Queries sent to State Street Corporation remained unanswered by the time of publication, and Brookfield Properties declined to comment.

The Equinox campus, located near BKC, comprises four towers with a total of 1.3 million sq ft of leasable space and 2 acres of open area. With this transaction, the complex has reached a 99 per cent occupancy rate, with notable tenants including Tata Communications, Mirae Asset Capital Markets, NSE, and Titan.

Global financial services and investment management firm State Street Corporation has leased an entire commercial office tower near Mumbai’s Bandra-Kurla Complex (BKC) from Brookfield Properties for a long-term tenure of around 10 years, according to sources familiar with the matter. The company will pay a total rental of over Rs 3.50 billion for the office space, which spans approximately 250,000 sq ft, over the course of the lease. State Street, based in Boston, has taken the lease for the ground-plus-six-storey tower, part of the 10-acre Equinox Business Park complex, to establish its global capability centre (GCC) to serve clients worldwide. The lease agreement includes a lock-in period of 36 months and a provision to increase rentals by 4.5 per cent every 12 months, the sources revealed. This move by the NYSE-listed company aligns with the increasing trend of global corporations setting up GCCs in India, taking advantage of the country’s cost benefits, skilled workforce, and digital infrastructure. India has become a preferred destination for GCCs across various sectors, especially for financial and tech firms, due to its strong talent pool and favourable business environment. State Street’s decision highlights the growing strategic importance of India in supporting global operations. This also signals the rising prominence of BKC as a key business hub for international corporations seeking a presence in India. Queries sent to State Street Corporation remained unanswered by the time of publication, and Brookfield Properties declined to comment. The Equinox campus, located near BKC, comprises four towers with a total of 1.3 million sq ft of leasable space and 2 acres of open area. With this transaction, the complex has reached a 99 per cent occupancy rate, with notable tenants including Tata Communications, Mirae Asset Capital Markets, NSE, and Titan.

Next Story
Infrastructure Urban
27 Nov 2024

bauma Conexpo 2024 is it the largest edition, with 1,000 exhibitors

India's construction equipment industry is experiencing significant growth, fueled by rapid infrastructure development, expanding mining activities, and increasing urbanisation. bauma Conexpo India will bring together leaders, global players and decision-makers from the international trade fair for construction machinery, building material machines, mining machines and construction vehicles under one roof. The exhibition will host its biannual event at the India Expo Centre, Greater Noida  from 11 to 14 December 2024.In 2023, the exhibition attracted 41,108 participants as well as 601 exh..

Read More
Next Story
Infrastructure Urban
27 Nov 2024

Our commitment to excellence and innovation drives our success

In India's dynamic industrial landscape, Gmmco, a comprehensive solutions provider across the construction, resources and energy transportation industries, stands as a testament to innovation. As a powerhouse of the CK Birla Group with a legacy spanning over five decades, the company has evolved from a traditional equipment supplier to a full-spectrum solutions provider, prioritising technology, innovation and sustainability. Its distinctive approach includes rental solutions, used equipment options, financing support, rebuilt options and tailored product support solutions, setting new benchma..

Read More
Next Story
Infrastructure Urban
27 Nov 2024

Vedanta plans $2 billion investment in Saudi Arabia copper projects

Vedanta announced its plan to invest $2 billion in major copper projects in Saudi Arabia. Vedanta Copper International, a wholly-owned subsidiary of the company, has signed an agreement with Saudi Arabia's Ministry of Investment and Ministry of Industries & Mineral Resources. The agreement outlines the establishment of a greenfield copper smelter and refinery with a capacity of 400 kilo tonnes per annum (KTPA) and a 300 KTPA copper rod project. According to the company, this collaboration aligns with Saudi Arabia's Vision 2030 and aims to invest $2 billion in significant copper projects withi..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

bauma Conexpo 2024 is it the largest edition, with 1,000 exhibitors
ECONOMY & POLICY
27 Nov 2024

bauma Conexpo 2024 is it the largest edition, with 1,000 exhibitors

Our commitment to excellence and innovation drives our success
ECONOMY & POLICY
27 Nov 2024

Our commitment to excellence and innovation drives our success

Vedanta plans $2 billion investment in Saudi Arabia copper projects
ECONOMY & POLICY
27 Nov 2024

Vedanta plans $2 billion investment in Saudi Arabia copper projects

Bengaluru approves Rs 6.94-billion plan to repair 390 km of roads
ROADS & HIGHWAYS
27 Nov 2024

Bengaluru approves Rs 6.94-billion plan to repair 390 km of roads

Rs17.50 bn Tato-I Hydro Project Approved to Boost Arunachal's Power
POWER & RENEWABLE ENERGY
27 Nov 2024

Rs17.50 bn Tato-I Hydro Project Approved to Boost Arunachal's Power

Noida Authority lodges EOW complaint against Logix Developers
Real Estate
27 Nov 2024

Noida Authority lodges EOW complaint against Logix Developers

Odisha to Amend Real Estate Laws for Easier Sale Deed Registration
Real Estate
27 Nov 2024

Odisha to Amend Real Estate Laws for Easier Sale Deed Registration

SC Upholds Yamuna Expressway Land Acquisition
ROADS & HIGHWAYS
27 Nov 2024

SC Upholds Yamuna Expressway Land Acquisition

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000